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Agreement with GOC for Farm-in in the Dussafu License

Source: www.gulfoilandgas.com 3/19/2019, Location: Africa

BW Energy Gabon SA (BWE), a subsidiary of BW Offshore and the operator of the Dussafu license, has entered into an agreement with Gabon Oil Company (GOC) for the acquisition of a 10% interest in the Dussafu production sharing contract.

The transaction is subject to the fulfilment of certain conditions precedents, including approval from the government of Gabon and entails payment by GOC of USD 28.5 million, representing a reimbursement equivalent to 10% of development and production costs from April 2017 and to-date.

"We are very pleased to welcome GOC as a partner in the Dussafu licence," said CEO Carl K. Arnet of BW Offshore. "We are about to commence the next exciting phase of the development to increase oil production and identify additional reservoirs which will support long-term value creation from the Dussafu license."

GOC's interest will be retroactive from the date of First Oil, being 16 September 2018, and GOC shall assume 10% of historical costs as authorised by the government of Gabon. GOC will contribute to cash calls for the development and production of the field and adhere to the joint operating agreement and lifting arrangements that are currently in force between the contracting parties.

BWE's interest will be reduced to 81.667% and Panoro will continue to hold 8.333%. Tullow Oil Gabon has exercised its back-in right to the Dussafu license. When this transaction is concluded the interests of parties in the production sharing contract; BWE, Panoro, GOC and Tullow, will be 73.5%, 7.5%, 9% and 10% respectively, as previously announced.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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